政府引导型并购基金的运行机制研究

发布时间：2018-01-13 17:22

本文关键词：政府引导型并购基金的运行机制研究　出处：《北京交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：目前我国并购市场已成为仅次于美国的全球第二大市场,这也为并购基金的发展提供了广阔的前景。与此同时,政府也相继出台相关政策,支持和推动并购基金的发展。并购基金对于推动我国经济结构调整、推动国有企业改制和行业整合、集聚社会闲散资金、促进资本市场的良性发展起到了重要作用。然而在我国当前的经济环境下,单纯的依靠市场化的并购基金已难以满足产业调整和经济发展的迫切需求,由于企业的控制权难、融资渠道单一、退出渠道困难等问题的存在,单纯的依靠市场化的并购基金己难以满足产业结构调整和经济发展的迫切需求,因此政府急需寻求政府引导型的并购重组专项资金,发挥财政资金的杠杆放大效应,用以推动各行业产能结构的优化升级、加快国有企业改革、促进跨国并购以及加快中小企业成长,克服单纯通过市场配置并购基金的市场失灵问题。本文根据政府引导型并购基金有关的理论研究和实践经验,针对我国发展政府引导型并购基金存在的必要性和现实性,以及政府引导型并购基金的内涵和分类。在借鉴国内外的有关经验的基础上,把我国政府引导型并购基金的运行机制分为组织方式选择、融资机制、投资管理机制和退出机制四大部分。并结合政府引导型并购后整合基金的运行机制设计进行了举例分析。组织方式方面,我国政府引导型并购基金宜采用参股型的封闭式基金,实行独立事业法人制。融资机制方面,其资金募集方式主要是以私募的形式吸收权益性投资。退出机制方面,对于上市公司,可以综合考虑运用兼并收购、管理层收购等多种方式实现退出；对于非上市公司可考虑以IPO为首选退出方式,同时辅以兼并收购等其它方式退出。为了使政府引导型并购基金更有效率的运行,需要结合我国国情正确选择运行模式,可以采取先试点,后推广的形式。同时要大力培养和选拔基金管理人才、发展专业的中介机构、加强监管、完善利益分配机制、加快发展资本市场。
[Abstract]:At present, China's M & A market has become the second largest market in the world after the United States, which also provides a broad prospect for the development of M & A funds. At the same time, the government has issued related policies. To support and promote the development of M & A funds. M & A funds can promote the adjustment of economic structure of our country, promote the reform of state-owned enterprises and industry integration, gather social idle funds. Promoting the benign development of capital market has played an important role. However, in the current economic environment of our country, it is difficult to meet the urgent needs of industrial adjustment and economic development by simply relying on market-oriented M & A funds. Due to the difficulty of corporate control, single financing channels, difficult exit channels, it is difficult to meet the urgent needs of industrial structure adjustment and economic development by simply relying on market-oriented M & A funds. Therefore, it is urgent for the government to seek government-led special funds for M & A and reorganization, to give play to the leverage amplification effect of financial funds, to promote the optimization and upgrading of the productive capacity structure of various industries, and to speed up the reform of state-owned enterprises. To promote cross-border mergers and acquisitions and accelerate the growth of small and medium-sized enterprises to overcome the market failure of market allocation of M & A funds. Based on the theoretical research and practical experience of the government-led M & A fund, this paper aims at the necessity and reality of the development of the government-guided M & A fund in China. And the connotation and classification of the government-led M & A fund. On the basis of reference from the relevant experience at home and abroad, the operating mechanism of the government-led M & A fund is divided into organizational choice and financing mechanism. Investment management mechanism and exit mechanism four parts. And combined with the government-led merger and acquisition after the integrated fund operation mechanism design for example analysis. Organizational approach. China's government-led M & A fund should adopt the closed-end fund of shareholding type and implement the system of independent enterprise legal person and financing mechanism. The main way of raising funds is to absorb equity investment in the form of private placement. In the aspect of exit mechanism, for listed companies, we can comprehensively consider the use of mergers and acquisitions, management buyouts and other ways to achieve withdrawal; For non-listed companies, we can consider IPO as the preferred exit mode, and other ways such as merger and acquisition. In order to make the government-led M & A fund run more efficiently, it is necessary to choose the operation mode correctly according to the national conditions of our country. We can take the form of pilot first, then popularize, and at the same time, we should vigorously train and select fund management talents. Develop specialized intermediary organizations, strengthen supervision, perfect benefit distribution mechanism, and accelerate the development of capital market.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F271

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